Introduction

What is Axelar?

Axelar provides a decentralized network and tools that help connect dApp builders with multiple blockchain ecosystems, applications, and users for frictionless cross-chain communication. Axelar consists of a protocol suite, tools, and APIs, designed to break down the barriers to cross-chain communication.

Axelar is the universal overlay network, securely connecting all blockchain ecosystems, applications, assets and users to deliver Web3 interoperability. It is a full-stack decentralized transport layer, meeting growing demand for cross-chain services with maximum blockchain security and composability.

Axelar has three components:

A decentralized network.
A set of gateway smart contracts that provide the connectivity between the Axelar Network and its interconnected external chains.
A software development kit (SDK) of protocols and APIs.

In short, Axelar is blockchain infrastructure that enables users who own assets on one blockchain to use these assets in any application on any other blockchains, securely. It allows developers to build on the best platform for their use case, providing connections to users, assets and data on every other ecosystem, without excessive gas fees, additional development costs or rolling out their own cross-chain infrastructure. Like the overlay networks that provide core internet infrastructure, Axelar provides an ecosystem with services that are otherwise unavailable, expensive or inefficient. It sits on top of other networks, and by virtue of having global “visibility” into other networks, it can provide better quality of service.

What is Axl token?

The AXL token supports four critical functions. AXL is a medium for transaction fees and any other fees for network usage, paid by users to the validators that run the network. AXL is used by holders and their proxies to stake and exercise governance over proposals (such as a parameter change or protocol upgrade).

Methodology

Table osmosis.core.fact_liquidity_provider_actions and Table osmosis.core.fact_daily_balances and Table osmosis.core.fact_transfershave been used to answer the questions.
Using the Table osmosis.core.fact_liquidity_provider_actions, I extracted the required data for the activity within the AXL/OSMO pool.
Using Table osmosis.core.fact_daily_balances , I have answered balances of $AXL questions.

Pie chart on the left side represents holding time periods of $AXL token(in days) in pools on Osmosis.

And as we see wallets that hold their $AXL tokens for 2 days has most portion with 5 wallets which is 13.9% of all holders.

Then wallets that hold their $AXL tokens for 14, 7 and 5 days has same portion of wallets which is 3 wallets.

Other time periods has only one holder which is 2.78% of holders each.

Graphs above are representing total and daily number of wallets that has been joining AXL pools on Osmosis by adding $AXL token and as we see 809 users that has been added $AXL token since late September 2022 until November 2022 has been decreasing constantly in which they spiked on Sep 28, 2022 with 163 users then decreased over time until the end of month.

Graphs above are representing total and daily number of wallets that has been exiting AXL pools on Osmosis by removing $AXL token and as we see 489 users that has been removing $AXL token since late September 2022 until November 2022 has been fluctuating in which they spiked on Oct 11, 2022 with 50 users then had almost steady trend over time until the end of month.

Bar chart on the left side above represents daily held amounts of $AXL token on Osmosis which as we see up until Sep 24, 2022 volume of held $AXL did not surpass 5 but since Sep 27, 2022 we see huge spike on held $AXL on Osmosis which had its highest amount on Nov 14, 2022 with 4M $AXL, also we see another major spike occurred on Nov 4, 2022 that since that day held volume of $AXL token remained at same level until end of the month.
Bar chart on the right side above represents daily held amounts of $OSMO token on Osmosis which as we see up until Dec 13, 2022 volume of held $OSMO increased but did not surpass 60M. on Dec 14, 2022 we see huge spike on held $OSMO on Osmosis to 230M $OSMO.

Over all trend for held $OSMOtoken is increasing which it had its highest amount on Oct 25, 2022 with 575M $OSMO

Graphs above are representing total and daily number of transfer type of $AXL token that has been transferred on Osmosis, and as we see IBC_TRANSFER_OUT has majority of transfer type with 72.5% of $AXL transfers which is 11,456.

On daily charts we see that all transfer types of OSMOSIS and IBC_TRANSFER_OUT and But IBC_TRANSFER_IN has decreasing trend in which IBC_TRANSFER_OUT had highest number of transfers on Sep 28, 2022 with 691 transfers then decreased and OSMOSIS had highest number of transfers on Oct 1, 2022 with 34 transfers then decreased and IBC_TRANSFER_IN had highest number of transfers on Oct 28, 2022 with 174 transfers then decreased.

Conclusion

As shown in this dashboard even though number of users who are adding $AXL token is 1.65 times more than users who removing it but total wallets that has been adding $AXL token into pools on Osmosis is decreasing.

Out of 36 wallets that has held $AXL in Osmosis pools, we see that only 12 of them held their $AXL token less than a week in pools, and 24 of them held their $AXL token in pools for over than a week.

$OSMO balances on Osmosis is dominant over $AXL balances but both has increasing trends towards end of November 2022.

IBC_TRANSFER_OUT is $AXL most popular type of transfer on Osmosis.